What exactly is happening with the contaminated water situation in West Virginia right now?

[youtube=http://www.youtube.com/watch?v=z-cZ7sPGbdU&w=600&h=315]

You can find pretty good summaries all over the Internet (including here, here, and here), but the basic situation is this: a company called Freedom Industries -- which actually works with water treatment chemicals -- spilled 7,500 gallons of 4-methylcyclohexane methanol, or MCMH (which is …